Pakistan Leadership Conversation 2022: People, Planet and Profit at the Heart of a Sustainable Pakistan

• Rethinking our World: Sustainable Growth for Pakistan

TEXT: Harnessed by the power of – digital, sustainability /ESG, ethics and future ready workforce.

ACCA Pakistan organized six high profile events. Future focused policy recommendations were agreed to rethink inclusive and sustainable socio-economic growth for Pakistan.

ACCA members commitment to Pakistan’s socio-economic prosperity.

Power of Digital

• New business models have created a digitally enabled ecosystem; leading to strong focus on digital economic growth.

• Growing ICT penetration, IT exports, startups, incubation & venture capital space and recent foreign investments has shown the exponential benefit technology and digital acceleration brings to economy and citizens.

• Stakeholders need to continue creating an agile, integrated framework of digital transformation promoting digital literacy and inclusive participation.

• Greater focus required on potential risks safeguards, consumer protection and greater understanding of customer journey.

• Knowledge-based, technology-driven national ecosystem to help capitalise youth dividend, increase exports and attract FDI to support Pakistan's emergence as a global digital powerhouse.

Recommendations:

• Digital transformation is viewed by businesses as a tool to enhance competitiveness.

• Facilitate digitally enabled products and services to empower communities supported by payment gateways tailored to customer needs especially SMEs.

• Promote offshore outsourcing (ITeS) to increase exports and support job creation.

• Invest in training and development of the local talent.

Power of ESG/Sustainability

• Environmental, Social and Governance (ESG) and UN Sustainable Development Goals (SDGs) is the most critical global conversation for sustainability of businesses and economies.

• Pakistan is set to join global economies through BRI / CPEC and export focused strategy; thus ESG implementation strategy will be critical for promoting transparency, investment and investor confidence and transition towards a sustainable economy.

• Diversity, equity and inclusion (DEI) is critical for stakeholders to achieve the recognised global standards of performance and excellence.

• Much has been done to recognise the Governance dimension and build the capacity of corporate leaders and regulators; much more investment is needed in the Environmental (E) and Social (S) dimensions.

Recommendations:

• Stakeholders need to partner and build long-term commitments to promote ESG/ SDGs awareness, ecosystem capacity building, knowledge sharing and adoption of sustainability reporting best practices.

• Place ESG compliant strategies (including climate risk and net zero) at the heart of businesses and board agendas.

• Emphasis on independent and diverse boards that promote gender equality to deliver long-term value to all stakeholders.

Power of ethics

• Role of professional accountants upholding public trust is vital for an inclusive and sustainable organisation.

• Consumers and governments are sharpening focus on ethical and sustainability issues, directly impacting preferences and behaviours.

• Businesses are under more scrutiny about their impact on society from the media, consumers, governments and their own people.

• Expanding digital activities, data flows (beyond borders) and digital advancements have introduced new ethical complexities including data integrity to the ever-changing business world.

• Economic crimes extrapolate at a faster pace due to social media and tech enabled platforms. Businesses must identify and manage these to survive.

Recommendations:

• A robust governance framework is imperative for short and long-term success.

• Voluntary guides to enable good business practices that add value to the community.

• Leaders to "lead by example" to augment the impact and bring "ethics" at the core.

• Regulators must act with a sense of urgency to tackle offenders and social media should be used not only as a monitoring tool, but also to educate and encourage to highlight abusive and manipulative schemes.

Power of future ready workforce

• With talent, ambition and the will to work, Pakistan's human capital can be made useful effectively.

• Technology solutions alone cannot prepare organisations and industries for an ever-changing environment.

• Continually upgrading skills and capabilities, while also creating a culture of lifelong learning is essential to maintain the relevancy of the workforce.

• Pandemic has accelerated modernisation of public sector reforms including capacity building that delivers resilience and improved response to shocks.

Recommendations:

• Establish DEI policies which set out organisational principles in both public and private sector.

• Increased awareness and adoption of future-ready skills to develop agile human resources, reducing operational costs and supporting value creation.

• Women in the workplace can help bridge the gap in the country's talent pool.

• Adopting future ways of working, flexibility and agility can bring more individuals to the workforce, enhancing economic productivity.

Copyright Business Recorder, 2022